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Shri Veakateswara(Balaji) Temple of UK
De4leyRoe4ENI, TleMale, WeelMljrleejre, 869$DU, Eallaa4/ fIeifetei45prfty QLIQ7$$
www uenkateswara or .uk Emaik tern lealuenkateswaraorguk phone: 0121544 2256 pax: 0121 544 2252
25 January 2017
Notes on Annual Re ort & Financial Statement
Year ended 31 March 2016
We wish to inform you that a new Board of five (5) Trustees have been elected in August 2016 to
replace the previous trustees including the three named in this report. This report is being submitted
by the new trustees whose details have already been filed on the Charity Commission website.
Currently, there is a dispute as to the ownership of the assets as stated in the 'Independent Auditor's
Report'. Please take this into account when reading the report.
Current Board of Trustees
Dr Sinnathamby Kanagaratnam
Mr Kodavoor Ramachandra Aithal
Mrs Paranjyothi Ramaiah
Dr Amirchetty Rajeshwar Rao
Dr Ramakrishnagupta Mudalagiri
T ARA BALAJI TEMPLE OFT ITED KINGDO
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
E V ENDED 1ST M C
EGI ERED CHARITY N - 323712
Page 1
HRI VENKATESWARA BALAJI TEMPLE OF THE U I ED IN DOM
T ES' REP TAND FINANCIAL STATEMENT
FO T EYEAR'E DED31STNIARC 2018
CONTENTS
PAGE
8-9
10
12-18
LEGAL AND ADMINISTRATIVE INFORMATION
REPORT OF THE TRUSTEES
INDEPENDENT AUDITOR'S REPORT
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
NOTES FORMING PART OF THEFINANCIAL STATEMENTS
Page 2
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2016
REGI CHARITY NUMBER 3267
CHARITY OFFICE
DUDLEY ROAD EASTOLDBURYWEST MIDLANDSB69 3DU
PATRONS
LORD BAGRI CBEMR SHRICHAND P HINDUJA
MR MOHANLAL MITTAL
MR LAXMI N MITTAL
MR ANIL AGGARWALMR NIRMAL K SETHIAMR VIJAY SHAH
MR NAND KHEMKA
MR NATHURAM PURIMR BHAGWAN MIRCHANDANI
MR DASSI BUDHRANIMR LAL LALWANI
MR RASHMI MEHTAMR BABULAL SANGHAVI
TR TEES
DR VASANAMPALLI P NARAYAN RAO (CHAIRMAN)DR KANDIAH SOMASUNDARA RAJAHMR VASANAMPALLI P VENKATARAMANA RAO
ACC NTANT
MISS THAYALINI GUNARATNAM FCCA
AUDITORS
CURD PROFESSIONAL SERVICES LLPCURD HOUSEGREEN BOXWESTONHALL ROADSTOKE PRIORBROOMSGROVEWORCESTERSHIRE B60 4AL
Page 3
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
LEGAL AND DMINIS I E I RMATI N
THE YEAR E DED 1ST MARCH 2016
SOLICITORS
MANBY SOLICITORSROUTH HOUSEHALL COURTHALL PARK WAYTELFORD TF34NJ
BANKERS
BANK OF INDIA
4TH FLOOR83 QUEEN VICTORIA STREETLONDONEC4M 4UA
BANK OF INDIA
182 SOHO ROADHANDSWORTHBIRMINGHAM
B21 QLP
NATIONAL WESTMINSTER BANK PLC162 HIGH STREETROWLEY REGISBIRMINGHAMB65 ODX
BANK OF BARODA173-175SOHO ROADHANDSWORTHBIRMINGHAM
B21 QLP
PUN JAB NATIONAL BANK (INTERNATIONAL) LTD
87 GRESHAM STREETLONDONEC2V 7HQ
Page 4
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
REPORT OF THE TRUSTEES
FOR T E YE ENDED 31ST MARCH 2016
The financial statements have been prepared on the accounting policies set out in the notes to thefinancial statements and comply with the charity's trust deed, applicable law and the requirementsof the Statement of Recommended Practice (FRS 102 SORP 2005) Accounting and Reporting by Charities.
The Trustees present their report and audited financial statements for the year ended 31st March2016
Under a Novation Agreement, the Trustees transferred the assets of the Trust to Tividale Tirupathi
Balaji Temple (TTBT), a company limited by guarantee with Chaditable status. Tividale Tirupathi BalajiTemple assumes the responsibility for the Temple project and performs the obligations under theGrant Agreement dated 24 March 1998 and the legal charge thereof as made with The Millenium
Commission ( now known as The Big Lottery Fund ). For the current year under review, it was practicalto reflect the assets in these accounts, albeit they are held in trust for TTBT.
Ob'ectivee and ActivitiesThe Charity is formed by a constitution and its principal activity is to promote theadvancement of the Hindu religion by the establishment and maintenance of a Temple for thepurpose of public worship and the celebration of Hindu rites, ceremonies and festivals and also topromote the advancement of education in Hindu religion, traditions, history, language, literature andmusic.
The policies adopted in furtherance of the principal activity of the Charity are to provide ameeting place for Hindus of all forms and beliefs and other adherents of Hinduism. Also, to promoteinterfaith activities between different communities and faiths.
There has been no material changes to the Charity's policies during the year.
Achievements and PerformancesThe Trustees consider that the performance of the Charity this year has been satisfactory.
Financial ReviewThe trust has sufficient funds in Banks for this year.The Trust Deed authorises the trustees to make and hold investments using general funds of the Charity.
Structure & GoveranceThe trust is governed by the policies and procedures of the constitution.
Reference and AdministrationName of the Charity —Shri Venkateswara Balaji TempleRegistration Number - 326712Address - 101 Dudley Road east, Oldbury, B69 3DU.
Plans for Future eriodaCharity is proposing to expand its educational activities.
Page 5
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
REPORT 0 THE TR TE
F R THE YEAR ENDED 31 T MARCH 2016
CONTINUED
Fixed Assets
The assets held are used to further the services provided by the Charity.
Fixed asset movements are set out in Note 8 to the financial statements.
~ll P
The Trustees have reviewed the reserves of the Charity. It is the policy of the Charity to maintain
unrestricted funds, which are the free reserves of the Charity, at a level which equates toapproximately five to six months unrestricted expenditure. This provides sufficient funds to covermanagement and administration costs.
RRikM R s
The Trustees have assessed the major risks to which the Charity is exposed, in particular, thoserelated to the operations and finances of the Charity, and are satisfied that systems are in place tomitigate exposures to the major risks.
Trustees
The Trustees of the Charity during the year were:-
Dr Vasanampalli P Narayan Rao -ChairmanDr Kandiah Somasundara RajahMr Vasanampalli P Venkataramana Rao
All Trustees of the Charity are serving in accordance with the constitution.
Page 8
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2016
~CQNTIHUEO
Statement of Trustees' Res onsibilities
The Trustees are required under the constitution of the Charity to prepare financial statementsfor each financial period, which give a true and fair view of the state of affairs of theCharity and of its results for that period. In preparing those financial statements, the Trustees arerequired to:-
a) select suitable accounting policies and apply them consistently;
b) make judgements and estimates that are reasonable and prudent;
c) state whether applicable accounting standards and statements of recommendedpractice have been followed subject to any departures disclosed and explained in thefinancial statements; and
prepare the financial statements on a going concern basis unless it is inappropriateto assume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonableaccuracy at any time the financial position of the Charity. They are also responsible for safe-guarding the assets of the Charity and hence for taking reasonable steps for the prevention and
detection of fraud and other irreguladities.
The Trustees are also responsible for ensuring that the accounting records and thefinancial statements comply with the Charities Act 1993and all other relevant governing documents.
Auditors
The Auditors Curo Professional Services Limited will be proposed for reappointment at the forthcoming annual
general meeting.
A~revel
This Report was approved by the Trustees on '2 'I . ie. t (
Dr Vasanampalli P Narayan RaoTrustee - Chairman
Page 7
ND RT TO THE TRUSTEE F
SHRI VENKATESWARA BALAJI TENIPLE OF THE UNITED KINGDOM
We have audited the financial statements of Shri Venkateswara (Balaji) Temple of the United Kingdom for the year ended31 March 2016 on pages ten to eighteen. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards (United Kingdon Generally Accepted Accounting Practice)including financial reporting standard 102 "The financial reporting standard applicable to the UK and Republic of Ireland".
This report is made solely to the charitable company's members, as a body, in accordance with the Charities Act 2011.Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required tostate to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this
report, or for the opinions we have formed.
Respective responsibilities of trustees and auditor
As explained more fully in the Statement of Trustees Responsibilities set out on page seven, the trustees are responsiblefor the preparation of the financial statements and for being satisfied that they give a true and fair view.
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with
regulations made under this Act. Our responsibility is to audit and express an opinion on the financial statements in
accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us tocomply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A descriptionof the scope of an audit of financial statements is provided on the APB's website atwww. frc.org. uk/apb/scope/private. cfm.
Basis for qualified opinion on the financial statements
We understand from the trustees of the charity that on 2 August 2007, certain assets were transferred from the charity to
Tividale Tirupathi Balaji Temple, a company limited by guarantee with charitable status. We have been informed by thetrustees, that the assets referred to are benefically owed by Shri Venkateswara (Balaji) Temple of the United Kingdom
and are therefore to be included in its financial statements. However, we can not confirm via out audit testing that thebeneficial ownership remains with Shri Venkateswara (Balaji) Temple of the United Kingdom. Except for the point noted
above, the financial statements show a true and fair view of the charities affairs at 31 March 2016.
Page 8
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charity's Act 2011 requires us to report to you if,
in our opinion:- the information given in the Trustee's Annual Report is inconsistent in any material respect with the financial statements;of- proper and sufficient accounting records have not been kept- certain disclosures of trustees' remuneration specified by law are not made; or- we have not received all the information and explanations we require for our audit; or- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies exemption in preparing the Report of the Trustees.
Anna Madden FCA (Senior Statutory Auditor)for and on behalf of Coro Professional Services Limited
Curo House, GreenboxWestonhall RoadStoke PriorBromsgroveWorcestershireB60 4AL
Date&C (~ i(L
Page g
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2016
Notes
Unre-strictedFunds
f
RestrictedFunds
f
2016
TotalFunds
f
2015
TotalFunda
INCOME
RESTRICTED FUND - Gandi Mandlr
Donations and LegaciesIncome from InvestmentsOther Trading Activities
1,456,05555,024
198,564
539,940 539,9401,456,055 1,454, 351
55,024 42 975198,564 203,637
Total Income 1,709,644 539,940 2,249,584 1,700,973
EXPENSE,
Expenditure on Raising Funds 867,416 867,416 933,957
Expenditure on Charitable ActivitiesAdministration 183,181 183,181 frs, osr
Total Expenditure
Net Movement in Funds
1,050,597 1,050,597 1,112,024
659,046 539,940 1,198,986 588,947
Reconciliation of FundsTotal Funds Brought Forward 14,027,000 14,027,000 13,438,053
Total Funds Carried Forward 14,686,046 539,940 15,225,986 14,027,000
All amounts relate to continuing activities and all recognised gains and losses are included in thestatement of financial activities.
Page 10
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
BALANCE SHEET
1ST MARC 2 1
2016f
20156
Fixed Assets
Tangible Assets 11,579,373 11,338,990
~Ct 4
Debtors: Falling dus within one yearDebtors: Falling due more than one year
Cash at Bank and in Hand
Current Liabilities:
Amounts falling due within one year
Net Current Assets
10
104,093318,274
3,377,310
153,064
3,646,613
115,369158,274
2, 574, 200
170,833
2,319,268
Total Assets Less Current Liabilities
Current Liabilities:
Amounts falling due after more than one year
Net Assets
15,225,986
15,225,986
14,027,000
14,027,000
Funds
Unrestricted FundsRestricted Funds
Total Funds
1212
14,665,045539,940
15,225,986
14,027, 000
14,027,000
These Financial Statements were approved by the Trustees on 4 'I I 5 I ' 6and signed on their behalf.
Dr Vasanampalli P Narayan RaoTrustee - Chairman
Page 11
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31S ARCH 1
NOTE: 1ACCOUNTING POLICIES
Basis of Pre aration of Financial Statements
The financial statements have been prepared under the historical cost convention in accordancewith applicable accounting standards and Charities Act 2011. The financial statementsalso comply with best practice as recommended by the Statement of Recommended Practicein accordance with the Financial Reporting Standard (FRS102 SORP), Accounting and Reporting by Charities.
Where amounts have needed to be reclassified such balances have been restated.
Tan ible Fixed Assets
Tangible Fixed Assets are stated at historical cost less accumulated depreciation.
Depreciation is provided at rates, calculated to write off the cost or valuation of fixed assets, lesstheir estimated residual value, over their expected useful lives on the following basis:-
Fixtures & FittingsOffice EquipmentDeities & JewelleriesLand & Buildings
15%%d Straight Line Basis15'%%d Straight Line Basis2%%d on costI '/o on cost
Inca fr m Ch ri ble Activities
All income is accounted for when receivable by the Charity. No permanent endowments have beenreceived in the year.
Grants Receivable
The Charity's main source of funding was from the Millennium Commission in return for theconstruction of a new temple for use by persons of the Hindu religion and a community hall for all
faiths. The systems ensure that the monies are separately accounted for and applied to thedesignated project specified by the Commission.
Donations and Le acies
The Charity receives donations and legacies from a variety of sources, accounting for the funds in
accordance with the requirements of the donor and the Statement of RecommendedPractice. The Charity has accounting systems in place to maintain restricted funds separately;unrestricted funds being used to further the activities of the Charity.
Page 12
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2016
CONTINUED
NOTE: 1ACCOUNTING POLICIES CONTINUED
Ex enditure on Raisin Funds
Fundraising expenditure comprises costs incurred in inducing people and organisations tocontribute financially to the Charity's work. This includes the cost of advertising fordonations and the stages of special fundraising events.
Ex enditure on Charitable Activities
Expenditure on management and administration includes all expenditure not directly related to thecharitable activity or fundraising ventures. This includes costs of running office premises and staffsalaries for administrative staff.
k~lt W k
Voluntary work is not included within these financial statements.
~Fd k ~
Funds held by the Charity are:-
Unrestricted General Funds These are funds which can be used in accordance with thecharitable objects, at the discretion of the Trustees.
Restdicted Funds These are funds which can only be used for particular restricted
purpose within the objects of the Charity. Restrictions arisewhen specified by the donor or when funds are raised forparticular restricted purposes.
Page 13
SHRI VENKATESWARA BALAJI TEMPLE OF T E
N TE TE E T
FOR THE YEAR ENDED 31ST MARCH 2016
CONTINUED
NOTE: 2EMPLOYEES AND STAFF CO TS
The average number of employeesthroughout the year calculated on afull-time equivalent basis was:-
Administration I ManagementCharity Staff
2016No
517
22
2015No.
517
22
There was no employee in the pay band of 660,000 and above during the year.
NOTE: 3DONATIONS AND LEGACIES
2016f
2015f
General DonationsCovenanted incomeProject Donations
1,342,25053,49660,309
1,456,055
1,297,53552,569
104, 156
1,454,360
NOTE.'4COME FROM INVESTMENTS
Interest on Deposit Accounts
2016f
55,024
~215
42, 975
NOTE: 5OTHER TRADING ACTIVITIES
20166
2015f
Youth CampCommunity Hall & Cultural IncomeSponsorship Contributions( laddu etc)Rental Income
20,63624,743
144,9668,220
198,564
19,95029,851
145,2448,592
203,637
Page 14
SHRI VENKATESWARA BALAJI TEMPLE F THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
E YEAR ENDED 1 T MA CH 2 16
CONTINUED
NOTE: 6
EXPENDITURE ON RAISI ND
20165
20155
Priest SalariesStatutory Visa and Permit FeesRates and WaterPrinting and StationeryPostage and CarriageTelephone and FaxCleaning and Refuse CollectionLight and HeatSite Maintenance, Repairs and SecurityInsuranceYouth ExpensesTemple ConsumablesSpecial EventsEquipments and Marquey hire
Cultural Program ExpensesGeneral charitable ExpensesDepreciation
197,4527,813
34,9145,1995,2705,736
30,356100,632106,234
17,70911,374
153,4663,2758,4958,7656,089
164,639
231, 1795, 143
25, 4524, 3025,2035,507
23, 17090,720
111,12217,37712, 187
152,51950,39918,0629, 1417,995
152,480
867,416 933,967
NOTE: 7
EXPENDIT E N CHARITABLE ACTIVITIES
2016 20155
Staff SalariesPrinting and StationeryPostage and CarriageTelephone and FaxEquipment MaintenanceAudit and Accountancy FeesProfessional FeesConsultancy FeesBank Charges and Interest/Support costsDepreciation
98,569391397432
8,37812,2172,9356,044
12,65941,160
74, 354324457415
11,818fs, 75712,089
9,25011,94540,520
183,181 1re, osr
Page 15
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDONI
NOTES TO THE FINANCIAL STATEMENTS
OR TH YEAR DED 31ST MARCH 2016
CONTINUED
NOTE: 8TANGIBLE FIXED ASSETS
~Fh d ~Flxtu ajdtnd &
Gold Mitdtri 051~EtE 6
Deities andOrnaments
GANDI
MJJMIDIR
20'I 8
Total6
TotalAs at 01-04-15Additions
As at 31-03-16
8,778 11,379,65979,582
8,778 11,459,241
578,55013,252
118,1133,659
15,838349,688
12,100,938446, 181
591,802 121,772 365,526 12,547,119
~» i ~As at 01-04-15Charge for the Year
322,661114,592
429,00788,770
10,2802,435
761,948205,798
As at 31-03-16 437,253 517,777 12,715 967,745
Net Book ValueAs at 31-03-16 8,778 11,021,987 74,025 109,057 365,526 11,579,373
As at 31-03-15 8,778 11,072,836 149,544 107,833 11,338,991
Within freehold land and buildings is land costing 6636,777
NOTE: 9DEBTORS: Due within one YearGift Aid RecoverablePrepaid ExpensesSponsors - DRSBad debts WIO
: Due more than one Year
20166
12,69511&21780,181
104,093
2015Z
9,89620,64795,421
9,595115,369
Behalf of related company (TTBT)Luxmi Narayan Temple
168,274150,000
318.274
168,274
168,274
The loan made to Luxmi Narayan Temple is interest free and will be paid back to Shri Venkateswara Balaji
Temple within 4 years.
Page 16
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
FOR THE YEAR ENDED 31 T MARCH 2016
NOTE: 10CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR
20165
20158
Trade Creditors and Accruals 153,064 170,833
NOTE: 11TR TEES' REMUNERATION
No Trustee, or person related or connected by business to them, has received any remuneration
nor been reimbursed expenses in either year.
NOTE: 12FUNDS
Within these frnanciat statements are restricted funds set aside for the construction of a Gandhi
Mandhir. The restriction is imposed by the the donor. Any direct expenditure in relation to this fund
is offset against the relevant r.venus. All other activities within the Charity are considered unrestricted in nature.
NOTE: 13ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unre-strictedFunds
8
RestrictedFunds
f2016Total
8
Tangible AssetsCurrent AssetsCurrent Liabilities
11,039,4333,799,677
153,064
539,940 11,579,3733,799,677
153,084
14,686,046 539,940 15,225,986
Page 17
SHRI VENKATESWARA BALAJI TEMPLE OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEME - C NTINUED
FOR THE YEA ENDED 1 T MARCH 2016
NOTE: 14RELATED PARTY TRANSACTIONS
The charity has advanced loan to Tividale Tirupathi Balaji Temple (TTBT) of F188,274.00 and the amount is included
within debtors. TTBT is company limited by guarantee (incoporated in England and Wales) and also a registeredcharity. The charity has no security from TTBT for the loan advanced.The trustees of the charity are also trustees and directors of TTBT.
NOTE: 15TAXATION
As a charity, the Temple is exempt from taxation on income and gains falling within the Taxes Act orTaxation of Chargeable Act to the extent that these applied to its charitable objects. No tax chargehas arisen in either year.
NOTE: 16CASH FLOW STATEMENT
The Charity has used the exemption under Statement of Recommended Practice - Accounting for
Charities, not to prepare a cash flow statement as the Trustees believe the Charity to be exemptunder such guidelines.
Page 18